Stone Energy Corp. (NYSE: SGY) has priced a registered underwritten public offering of 5 million shares of its common stock at a price to the public of $41.00 per share. Stone has granted the underwriters a 30-day option to purchase 750,000 additional shares of its common stock. The offering is expected to close on or about May 14.
Stone intends to use the net proceeds from the offering for general corporate purposes, which may include potential development of the Amethyst discovery, potential drilling of a second well at Cardona South, potential Utica shale development and the acquisition of additional Appalachian acreage.
Barclays Capital Inc. is acting as the sole book-running manager of the offering.